SINGAPORE, Oct. 30, 2024 /PRNewswire/ -- At the 2024 Hong Kong FinTech Week InsurTech Forum, Charles Hung, CEO of Blue Insurance; Gilbert Leung, CEO of Novo AI; and Priscilla Ng, Prudential's Group Chief Customer & Marketing Officer explored the transformative role of AI in the insurance sector. The discussion centered around AI's ability to enhance customer experience, improve operational efficiency, and navigate industry-specific challenges.

Applications and Challenges of AI in Insurance

Priscilla Ng highlighted that Prudential uses AI to sift through vast volumes of customer feedback, allowing teams to address issues efficiently and improve customer engagement. Charles Hung of Blue Insurance emphasized AI's power in providing personalized and consistent service, helping meet customer expectations at scale. Gilbert Leung from Novo AI discussed the importance of AI in fraud detection and cost control, crucial for managing escalating expenses and protecting bottom line.

However, challenges in implementing AI persist across the industry. For Prudential, data quality and prioritizing use cases are key considerations, while Blue Insurance pointed out the difficulties in sourcing skilled talent and having accurate data. Novo AI noted the rapid pace of AI development, making fast iterations and keeping up to speed with model enhancements are essential to long term success. These insights underscore the need for deliberate, well-structured strategies tailored to tackling insurance's unique challenges.

Ensuring Fairness and Accuracy with "Humans in the Loop"

A key theme throughout the discussion was the necessity of human oversight in AI to maintain fairness and accuracy. Gilbert Leung emphasized the importance of human expertise is integral at each stage of AI operations, ensuring that AI systems are designed with diligence, reducing biases and upholding ethical standards. Particularly in fields like healthcare, where AI-driven decisions impact sensitive human outcomes, this level of human judgment is essential for building trust and accountability.

AI as an Essential Tool for the Future of Insurance

Last but not least, the discussion ended with a mutual agreement that AI has progressed beyond being a competitive advantage to a survival kit. With its ability to streamline claims handling, enhance transparency, fight fraud and abuse, AI is reshaping insurance operations like never before. Meanwhile, human oversight remains indispensable to ensure that AI-driven decisions reflect both care and ethical integrity. This balanced approach to integrating AI sets a responsible path forward, allowing insurers to harness AI's potential while maintaining customer trust.

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